North Carolina Down Payment Assistance Programs
Payments Gateway - The North Carolina Housing Finance Agency got two great plans for first-time Home Buyers. These programs would be the Down Payment Assistance System and also the Mortgage Credit Certificate.
You also purchase a property between December 1, 2009 and January 1, 2009 and if you meet the requirements for one of these programs, you may also qualify for the $8,000 tax credit just enacted into law.
First, who is a First Time Home Buyer? A first-time Home Buyer is someone who hasn't owned a house in the past three years. That is precisely the same qualifying definition.
What is a Mortgage Credit Certificate and Who Qualifies?
A Mortgage Credit Certificate (MCC) is a national tax credit to help home buyers with low and average incomes.
You are able to claim 20% of the interest you pay on your mortgage as a credit on your own federal income taxes if you are eligible for the MCC. You can save up to .
You'll be able to combine this should you qualify for the MCC, for 2009. This may reduce a buyer's tax liability .
Who Qualifies for an MCC?
Who qualifies for an MCC is based on the cost of the home and your income you are buying. Household income is defined as the “gross income of the mortgagor and any other individual anticipated to reside in the home who is 18 years of age or older.”
The income and house price limits Durham and Chatham Counties are listed below.
MCC Income Limits 1 Person $61,500 2 Men $61,500 3 Persons $70,500 4 Men $70,500
MCC Sales Price Limits New Dwelling $220,000 Existing House $210,000
Who Qualifies for Down Payment Help?
The purchaser just needs to pay and the load would pay around $8,000 of the remaining balance.
This program has stricter income limits than the MCC plan outlined above. Like the MCC program, it can be used along with the new $8,000 tax credit on home purchases between January 1, 2009 and December 1, 2009. The deposit assistance, nevertheless, can not be used along together with the MCC. That is an either or scenario.
The income and house price limits that apply in Durham, Orange and Chatham Counties are listed below.
Down Payment Assistance Income Limits
1 Individual $39,950 2 Men $45,650 3 Persons $51,350 4 Men $57,050
Down Payment Assistance Sales Price Limits New Dwelling $210,000 Existing House $210,000